A special report by Argaamon GCC equity markets showed that major indices closed 2025 with broad-based gains, with six of the seven markets finishing higher.
Leading the rally was the Muscat Securities Market (MSX), which surged 28.2%, closing at 5,866.8 points, adding 1,290.2 points since the start of the year.
The strong performance was supported by improved market liquidity, backing from local funds and institutional investors, growth in the energy and industrial sectors, and solid financial results from leading companies. The market also benefited from government privatization and listing initiatives, as well as ongoing measures aimed at further developing the capital market.
Boursa Kuwait ranked second with a 21.2% gain, adding approximately 1,660 points since the start of the year to close at 9,498.31 points.
The Dubai Financial Market (DFM) came in third, rising 17.2% to close at 6,047.09 points, adding 888 points, supported by real estate and banking stocks.
The Abu Dhabi Securities Exchange (ADX) gained 6%, the Bahrain Bourse increased by 4.1%, and the Qatar Stock Exchange (QSE) rose 1.8%, closing at 10,762.51 points.
In contrast, the Saudi Exchange (Tadawul) fell 13%, closing at 10,490.69 points, down 1,545.8 points since the beginning of the year.
This marked the lowest annual close in three years (since 2022) and the largest annual decline in a decade. The drop was driven by weak liquidity, declining trading volumes, falling oil prices, which negatively affected energy and petrochemical companies, numerous IPOs, global and regional geopolitical tensions, and international trade uncertainties.
The following table details GCC equity markets’ performance in 2025
GCCEquityMarkets Performance in 2025
Market
December 2024
December 2025
Change (points)
Change (%)
Muscat
4,576.60
5,866.80
1,290.20
+28%
Kuwait*
7,838.76
9,498.31
1,659.55
+21%
Dubai
5,158.67
6,047.09
888.42
+17%
Abu Dhabi
9,419.00
9,992.72
573.72
+6%
Qatar
10,571.09
10,762.51
191.42
+2%
Bahrain
1,985.91
2,066.54
80.63
+4%
Saudi Arabia
12,036.50
10,490.69
(1,545.81)
(13%)
*The first index with large caps
GCC Markets Traded Values in 2025
Trading values for all GCC markets declined by 10% to $629.3 billion by the end of 2025, compared with $700.7 billion during the same period in 2024.
The decline was mainly driven by a 30% drop in Saudi market trading to $346.5 billion in 2025 from $496.6 billion in 2024 and a 1% YoY decrease in QSE trading.
GCC Markets Traded Values ($ bln)
Market
2019
2020
2021
2022
2023
2024
2025
Saudi Arabia
234.7
556.7
596.2
455.5
355.5
496.6*
346.5
Abu Dhabi
15.5
19.8
100.7
122.8
87.2
93.2
105.1
Kuwait
26.2
35.5
44.9
47.8
33.8
48.3
86.7
Dubai
14.5
17.9
19.6
24.5
27.5
29.1
47.5
Qatar
18.6
29.1
31.0
44.1
34.4
29.3
28.9
Muscat
1.9
1.1
2.1
2.4
2.9
3.3
13.1
Bahrain
0.75
0.56
0.52
0.45
0.56
0.85
1.66
Total
312.1
660.6
795.1
697.6
542.0
700.7
629.3
*Excluding Aramco’s private deals worth $11.2 billion
Key Metrics in 2025
By the end of 2025, the total market capitalization of GCC markets increased slightly to $2.47 trillion, up from $2.43 trillion a year ago.
The Dubai Financial Market (DFM) recorded the lowest price-to-earnings (P/E) ratio among GCC markets over the past 12 months at 9.9x, followed by Muscat Stock Exchange (MSX) at 10.7x. In contrast, Abu Dhabi Securities Exchange (ADX), Boursa Kuwait, and the Saudi Exchange (Tadawul) posted the highest P/E ratios at 20.9x, 18.7x, and 17.9x, respectively.
KeyMetricsby the End of 2025
Market
Market Value
($ bln)
P/E Ratio
(×)
Book Value
(×)
December
2024
December
2025
December
2025
December
2025
Dubai
246.95
270.14
9.88
1.78
Muscat
71.75
83.22
10.65
1.31
Bahrain
69.16
76.87
11.78
1.08
Qatar
170.57
176.96
12.18
1.31
Saudi Arabia*
909.90
813.53
17.88
1.98
Kuwait
142.06
173.40
18.66
1.85
Abu Dhabi
829.17
878.53
20.87
2.92
Total
2439.55
2472.66
—
—
*Excluding Saudi Aramco
GCC Heavyweights
The performance of the top 30 GCC companies by market capitalization was mixed. Market capitalization increased for 19 of the 30 companies, while the remaining 11 declined. The largest gainer was Abu Dhabi Islamic Bank (ADIB), with market value rising by 50%.
Conversely, ACWA Power Co. recorded the steepest decline, with a 54% drop in market capitalization, followed by Saudi Basic Industries Corp. (SABIC) at 23%, Alpha Dhabi Holding at 20%, and Saudi Aramco at 15%, compared with the end of 2024.
Saudi Aramco remained at the top of the list with a market capitalization of $1.54 trillion, well ahead of International Holding Co. (IHC), valued at $238.62 billion.
Top 30 GCC Closed Joint Stock Companies by Market Value ($ mln)
Company
Market
December 2024
December 2025
Change (%)
Saudi Aramco
Saudi Arabia
1,810,160
1,537,829
(15%)
IHC
Abu Dhabi
241,996
238,617
(1%)
Al Rajhi Bank
Saudi Arabia
100,907
104,000
+3%
TAQA
Abu Dhabi
107,501
103,173
(4%)
ADNOC Gas
Abu Dhabi
73,384
74,191
+1%
Maaden
Saudi Arabia
52,161
63,050
+21%
SNB
Saudi Arabia
53,440
60,608
+13%
stc
Saudi Arabia
53,333
57,307
+7%
FAB
Abu Dhabi
41,349
52,463
+27%
KFH
Kuwait
41,623
48,851
+17%
Emirates NBD
Dubai
36,908
47,901
+30%
QNB
Qatar
43,873
47,349
+8%
e
Abu Dhabi
38,662
43,430
+12%
SABIC
Saudi Arabia
53,600
41,040
(23%)
DEWA
Dubai
38,666
37,713
(2%)
ACWA Power
Saudi Arabia
81,397
37,159
(54%)
Emaar
Dubai
30,939
33,815
+9%
ADCB
Abu Dhabi
22,018
30,808
+40%
NBK
Kuwait
24,312
28,929
+19%
Alpha Dhabi Holding
Abu Dhabi
32,416
25,868
(20%)
2PointZero
Abu Dhabi
19,482
24,564
+26%
Sulaiman Al Habib
Saudi Arabia
26,171
23,987
(8%)
ADNOC Drilling
Abu Dhabi
23,221
23,265
+0.2%
Riyad Bank
Saudi Arabia
22,880
21,712
(5%)
Borouge
Abu Dhabi
19,651
21,525
+10%
ADIB
Abu Dhabi
13,668
20,531
+50%
Industries Qatar
Qatar
22,056
19,829
(10%)
Aldar Properties
Abu Dhabi
16,449
18,626
+13%
DIB
Dubai
13,979
18,277
+31%
SAB
Saudi Arabia
18,434
17,743
(4%)
A special report by Argaamon GCC equity markets showed that major indices closed 2025 with broad-based gains, with six of the seven markets finishing higher.
Leading the rally was the Muscat Securities Market (MSX), which surged 28.2%, closing at 5,866.8 points, adding 1,290.2 points since the start of the year.
The strong performance was supported by improved market liquidity, backing from local funds and institutional investors, growth in the energy and industrial sectors, and solid financial results from leading companies. The market also benefited from government privatization and listing initiatives, as well as ongoing measures aimed at further developing the capital market.
Boursa Kuwait ranked second with a 21.2% gain, adding approximately 1,660 points since the start of the year to close at 9,498.31 points.
The Dubai Financial Market (DFM) came in third, rising 17.2% to close at 6,047.09 points, adding 888 points, supported by real estate and banking stocks.
The Abu Dhabi Securities Exchange (ADX) gained 6%, the Bahrain Bourse increased by 4.1%, and the Qatar Stock Exchange (QSE) rose 1.8%, closing at 10,762.51 points.
In contrast, the Saudi Exchange (Tadawul) fell 13%, closing at 10,490.69 points, down 1,545.8 points since the beginning of the year.
This marked the lowest annual close in three years (since 2022) and the largest annual decline in a decade. The drop was driven by weak liquidity, declining trading volumes, falling oil prices, which negatively affected energy and petrochemical companies, numerous IPOs, global and regional geopolitical tensions, and international trade uncertainties.
The following table details GCC equity markets’ performance in 2025
GCCEquityMarkets Performance in 2025
Market
December 2024
December 2025
Change (points)
Change (%)
Muscat
4,576.60
5,866.80
1,290.20
+28%
Kuwait*
7,838.76
9,498.31
1,659.55
+21%
Dubai
5,158.67
6,047.09
888.42
+17%
Abu Dhabi
9,419.00
9,992.72
573.72
+6%
Qatar
10,571.09
10,762.51
191.42
+2%
Bahrain
1,985.91
2,066.54
80.63
+4%
Saudi Arabia
12,036.50
10,490.69
(1,545.81)
(13%)
*The first index with large caps
GCC Markets Traded Values in 2025
Trading values for all GCC markets declined by 10% to $629.3 billion by the end of 2025, compared with $700.7 billion during the same period in 2024.
The decline was mainly driven by a 30% drop in Saudi market trading to $346.5 billion in 2025 from $496.6 billion in 2024 and a 1% YoY decrease in QSE trading.
GCC Markets Traded Values ($ bln)
Market
2019
2020
2021
2022
2023
2024
2025
Saudi Arabia
234.7
556.7
596.2
455.5
355.5
496.6*
346.5
Abu Dhabi
15.5
19.8
100.7
122.8
87.2
93.2
105.1
Kuwait
26.2
35.5
44.9
47.8
33.8
48.3
86.7
Dubai
14.5
17.9
19.6
24.5
27.5
29.1
47.5
Qatar
18.6
29.1
31.0
44.1
34.4
29.3
28.9
Muscat
1.9
1.1
2.1
2.4
2.9
3.3
13.1
Bahrain
0.75
0.56
0.52
0.45
0.56
0.85
1.66
Total
312.1
660.6
795.1
697.6
542.0
700.7
629.3
*Excluding Aramco’s private deals worth $11.2 billion
Key Metrics in 2025
By the end of 2025, the total market capitalization of GCC markets increased slightly to $2.47 trillion, up from $2.43 trillion a year ago.
The Dubai Financial Market (DFM) recorded the lowest price-to-earnings (P/E) ratio among GCC markets over the past 12 months at 9.9x, followed by Muscat Stock Exchange (MSX) at 10.7x. In contrast, Abu Dhabi Securities Exchange (ADX), Boursa Kuwait, and the Saudi Exchange (Tadawul) posted the highest P/E ratios at 20.9x, 18.7x, and 17.9x, respectively.
KeyMetricsby the End of 2025
Market
Market Value
($ bln)
P/E Ratio
(×)
Book Value
(×)
December
2024
December
2025
December
2025
December
2025
Dubai
246.95
270.14
9.88
1.78
Muscat
71.75
83.22
10.65
1.31
Bahrain
69.16
76.87
11.78
1.08
Qatar
170.57
176.96
12.18
1.31
Saudi Arabia*
909.90
813.53
17.88
1.98
Kuwait
142.06
173.40
18.66
1.85
Abu Dhabi
829.17
878.53
20.87
2.92
Total
2439.55
2472.66
—
—
*Excluding Saudi Aramco
GCC Heavyweights
The performance of the top 30 GCC companies by market capitalization was mixed. Market capitalization increased for 19 of the 30 companies, while the remaining 11 declined. The largest gainer was Abu Dhabi Islamic Bank (ADIB), with market value rising by 50%.
Conversely, ACWA Power Co. recorded the steepest decline, with a 54% drop in market capitalization, followed by Saudi Basic Industries Corp. (SABIC) at 23%, Alpha Dhabi Holding at 20%, and Saudi Aramco at 15%, compared with the end of 2024.
Saudi Aramco remained at the top of the list with a market capitalization of $1.54 trillion, well ahead of International Holding Co. (IHC), valued at $238.62 billion.
Top 30 GCC Closed Joint Stock Companies by Market Value ($ mln)
Company
Market
December 2024
December 2025
Change (%)
Saudi Aramco
Saudi Arabia
1,810,160
1,537,829
(15%)
IHC
Abu Dhabi
241,996
238,617
(1%)
Al Rajhi Bank
Saudi Arabia
100,907
104,000
+3%
TAQA
Abu Dhabi
107,501
103,173
(4%)
ADNOC Gas
Abu Dhabi
73,384
74,191
+1%
Maaden
Saudi Arabia
52,161
63,050
+21%
SNB
Saudi Arabia
53,440
60,608
+13%
stc
Saudi Arabia
53,333
57,307
+7%
FAB
Abu Dhabi
41,349
52,463
+27%
KFH
Kuwait
41,623
48,851
+17%
Emirates NBD
Dubai
36,908
47,901
+30%
QNB
Qatar
43,873
47,349
+8%
e
Abu Dhabi
38,662
43,430
+12%
SABIC
Saudi Arabia
53,600
41,040
(23%)
DEWA
Dubai
38,666
37,713
(2%)
ACWA Power
Saudi Arabia
81,397
37,159
(54%)
Emaar
Dubai
30,939
33,815
+9%
ADCB
Abu Dhabi
22,018
30,808
+40%
NBK
Kuwait
24,312
28,929
+19%
Alpha Dhabi Holding
Abu Dhabi
32,416
25,868
(20%)
2PointZero
Abu Dhabi
19,482
24,564
+26%
Sulaiman Al Habib
Saudi Arabia
26,171
23,987
(8%)
ADNOC Drilling
Abu Dhabi
23,221
23,265
+0.2%
Riyad Bank
Saudi Arabia
22,880
21,712
(5%)
Borouge
Abu Dhabi
19,651
21,525
+10%
ADIB
Abu Dhabi
13,668
20,531
+50%
Industries Qatar
Qatar
22,056
19,829
(10%)
Aldar Properties
Abu Dhabi
16,449
18,626
+13%
DIB
Dubai
13,979
18,277
+31%
SAB
Saudi Arabia
18,434
17,743
(4%)
